Wednesday 6 January 2021

Prosafe refers to the information on its financial status and process with lenders that has been provided over time, last on 1^st October 2020.

The company's creditor discussions continue, and the target remains to agree a sustainable financial solution on a consensual and cost efficient basis as early as possible. It is still unclear what a final solution may look like, but as previously reported a significant equitization of debt is anticipated which in turn is likely to result in minimal or no recovery for current shareholders.

Pending conclusion of the creditor discussions, the company continues to operate on a business as usual basis to protect and create value through challenging market conditions.

On this basis the company will continue to defer making payments of scheduled instalments and interests under both bank facilities. Similarly, payment of the final instalment owed and due under the seller credit to Cosco for the Safe Notos remains as initially reported on 13 February 2020 subject to ongoing discussions with Cosco and the lenders.